Real gross domestic product (GDP) for the U.S. increased at an annual rate of 3.2% in the first quarter (Q1) of 2019, according to the advance estimate released by the Bureau of Economic Analysis (BEA).

Compared to Q1 2018, Q1 2019 growth was up 5.1%,

Current dollar GDP increased 3.8%, or $197.6 billion, in Q1 2019 to a level of $21.06 trillion,

Highlights:

An upturn in state and local government spending, accelerations in private inventory investment and in exports, and a smaller decrease in residential investment all contributed to the acceleration in real GDP growth in the Q1 2019.

Decelerations in personal consumption expenditures (PCE) and non-residential fixed investment, and a downturn in federal government spending partially offset the growth.

The price index for gross domestic purchases increased 0.8% in Q1 2019, compared with an increase of 1.7% in Q4 2018. The personal consumption expenditures (PCE) price index increased 0.6%, compared with an increase of 1.5%. Excluding food and energy prices, the PCE price index increased 1.3%, compared with an increase of 1.8%.

Current-dollar personal income increased $147.2 billion in Q1 2019, compared with an increase of $229.0 billion in Q4 2018. The deceleration reflected downturns in personal interest income, personal dividend income, and proprietors’ income that were partly offset by an acceleration in personal current transfer receipts.

Disposable personal income increased $116.0 billion, or 3%, in Q1 2019, compared with an increase of $222.9 billion, or 5.8% in Q4 2018. Real disposable personal income increased 2.4%, compared with an increase of 4.3%.

Personal saving was $1.11 trillion in the first quarter, compared with $1.07 trillion in the fourth quarter. The personal saving rate which is the personal saving as a percentage of disposable personal income was 7.0% in Q1 2019, compared with 6.8% in Q4 2018.